Borussia Dortmund (BVB) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2024/2025 was EUR 244.5 million, down 4.7% year-over-year, mainly due to timing of international TV marketing revenue and fewer home matches.

• Net profit dropped sharply to EUR 7.7 million from EUR 70.6 million in the prior year, reflecting lower transfer income and reduced TV revenues.

• EBITDA fell to EUR 58.7 million from EUR 121.5 million year-over-year; EBIT declined to EUR 9.1 million from EUR 75.0 million.

• Free cash flow was negative at EUR -38.3 million, compared to EUR -10.6 million in H1 2023/2024, due to higher investments in player registrations.

• Share price ended the period at EUR 3.14, down from EUR 3.60 a year earlier, influenced by mixed sporting results and lower earnings.

Financial highlights

• Revenue: EUR 244.5 million (H1 2023/2024: EUR 256.5 million).

• Net profit: EUR 7.7 million (H1 2023/2024: EUR 70.6 million).

• EBITDA: EUR 58.7 million (H1 2023/2024: EUR 121.5 million).

• EBIT: EUR 9.1 million (H1 2023/2024: EUR 75.0 million).

• Free cash flow: EUR -38.3 million (H1 2023/2024: EUR -10.6 million).

Outlook and guidance

• Full-year revenue forecast remains at EUR 503 million; EBIT expected between EUR 7–17 million; net profit guidance EUR 5–15 million.

• No changes to the forecast for financial performance indicators compared to the previous management report.